Real Estate Agent
Coming to a different country is an exciting idea, investing can be as well, however it can get problematic if you don’t know where to look. My first recommendation when investing in Colombia and specifically Medellin is to contact a bilingual realtor that can help you to find the property that suits your needs. Most of the clients will want to find a place in el Poblado, but there are great areas in Envigado, Laureles, and Llanogrande. Just make sure someone shows you the different alternatives that our city has regarding different prices, locations, etc.
Once you have a realtor and you have decided upon a property, the next step will be to contact an expert that will make the title study of the property if you have any doubts about who the seller is and if the property is clean or has any legal issues. In the title study, the lawyer will have to study the history of the property up to the previous 20 years.
Sales Purchase Agreement
A sales and purchase agreement or (Promesa de Compraventa) is a legal contract between two parties that obligates a transaction between a buyer and a seller. Is the document where both the parties will agree upon the conditions of the sale, price, payment method, closing date, and different matters that will be consigned in the contract. Once the document is signed is binding for the parties.
On this date, the lawyer will go with you to the notary to write the final document that will be protocolized by the notary. Once the document is signed, it will go to “Oficina de Registros Público” (Registration office) this can take up to 1,5 months and, it’s when they will issue a certificate of the property including the last investor name.
There are different types of visas in Colombia, if you are interested in buying a property you should know that you can apply for a visa if you invest 350 minimum wages for a Migrant visa, that allows you to stay in Colombia for three years and it can be renewed, you can also apply for the resident visa when you invest more than 650 minimum wages in a property. This visa is granted limitless; however, it must be renewed every 5 years. There are other types of visas that we can assist you with. If you need any further information, make sure you contact us.